Nigerians Spend N1.54tn on Beer and Other Alcoholic Drinks in Nine Months

Major listed brewers in Nigeria earned a combined revenue of over N1.54 trillion from beer and other non-alcoholic beverages in the first nine months of 2025, reflecting the estimated spending of Nigerians on brewery products during this period, according to an analysis of company financial reports.

Unaudited statements for Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the nine months ended September 30, 2025, show strong top-line growth, driven largely by beer sales.

Nigerian Breweries Plc, the country’s largest brewer, posted net revenue of N1.05 trillion, up from N710.87 billion in the same period of 2024. With a cost of sales of N631.23 billion, the company recorded a gross profit of N415.15 billion. After accounting for selling and distribution expenses of N193.85 billion, administrative expenses of N59.58 billion, finance costs of N39.15 billion, and other charges, Nigerian Breweries reported a profit after tax of N85.51 billion, reversing a loss of N149.50 billion in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.

In March, Nigerian Breweries had reported a 186% increase in net profit for Q1 2025, with revenue rising to N383.6 billion from N227.1 billion in Q1 2024.

International Breweries Plc, operating in Nigeria and other West African markets, generated N472.57 billion in revenue for the nine months, up from N343.45 billion in the same period of 2024. The company posted a profit after tax of N57.83 billion, reversing a loss of N112.81 billion in 2024. Cost of sales increased to N311.64 billion, while administrative, marketing, and distribution expenses rose to N92.09 billion from N72.68 billion. Earlier, International Breweries had reported a Q2 2025 profit of N11.9 billion, up from a loss of N47.3 billion in Q2 2024, with revenue increasing to N167.4 billion from N120 billion.

Champion Breweries Plc recorded revenue of N21.44 billion for the nine-month period, up from N14.02 billion in 2024, and posted a profit after tax of N2.05 billion, compared with N21.50 million the previous year. Cost of sales rose to N11.14 billion, while selling and distribution expenses increased to N4.24 billion from N3.25 billion.

Together, the three companies generated total revenue of N1.54 trillion, with Nigerian Breweries accounting for the largest share. Analysts note that these figures highlight the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and extensive distribution networks despite rising production costs and economic pressures.

Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., said consumer spending patterns are gradually shifting, with some Nigerians reducing beer consumption, prompting breweries to adjust strategies. He added that following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity, prioritising operational efficiency to meet demand.

Ayo Teriba, CEO of Economic Associates, cautioned that high sales do not necessarily equate to greater economic contribution. “Sales figures may be large, but what matters is the net value added to the economy. GDP reflects value created, not just total revenue,” he said.